Financial security during retirement is not something that everyone is automatically entitled to because of the fact that we pay into the Social Security program. You are going to have to do the math and compare your anticipated Social Security income with your projected expenses. You will probably discover that Social Security income by itself will not cover your expenses.
This is why it is so important to plan ahead intelligently and accumulate resources throughout your life in an effort to create a financial foundation that will enable you to retire in comfort.
One factor to consider is exactly how long you can logically expect to live. This is important on the budgeting level, but it is also relevant when you are deciding when to start to receive your Social Security benefit.
The average lifespan is 78 years as of this writing. But, as you age your lifespan will increase since the overall average includes people of all ages. There is a tool available to you on the Social Security Administration website that you can utilize to find out your projected lifespan given your gender and your current age. You can find it here: lifespan calculator.
Intelligent long-term planning is essential if you want to be in a position to do everything that you have always dreamed of doing during your golden years.
The best way to proceed is with the informed guidance of a licensed and experienced Oklahoma City retirement planning attorney. Your lawyer will analyze your situation, gain an understanding of your objectives, and help you to devise a plan that leads to financial freedom.
Author, President and Founding Attorney
Parman & Easterday
- Own Property Out of State? You Need a Living Trust - October 21, 2021
- Three Misconceptions That Lead to Estate Plan Mistakes - October 19, 2021
- Your Original Estate Plan May Not Be the Final Version - October 14, 2021